Bollsta Dolphin, Fred. Olsen Energy and Hyundai Heavy Industries have resolved their dispute and differences relating to the newbuilding contract for the semisubmersible drilling rig Bollsta Dolphin.
Ownership of the platform will be retained by HHI. Bollsta will receive about US$176 million from HHI, representing a reimbursement to Fred. Olsen of its initial payment for the rig.
In a joint statement, the parties said: "We are very pleased that our differences have been resolved in an amicable way.”
The Bollsta Dolphin, ordered in 2012, had been due to be delivered in 2015, when it would start a five-year contract with Chevron.
But, in October 2015, Fred Olsen said there was not realistic prospect of completion before May 2016 and cancelled the contract.
Bollsta Dolphin is a Moss Maritime CS 60 E design and is designed for water depth capacity up to 10,000ft.